Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to amend some terms of two initiatives regarding renovating hotels and financing salaries guaranteed by the Ministry of Finance, according to a statement on Monday.
A new amendment introduced on 23 March 2020 to the hotel renovation initiative enabled tourism facilities to receive two-year soft loans at a declining interest rate of 8% and a grace period of six months starting from the date of receiving the loan.
The CBE amended the grace period of the initiative to end on 31 December 2021 instead of ending in six months starting the date of receiving the loan.
In addition, the initiative for financing the payment of salaries and wages of the employees of the tourism sector launched in 16 June has been amended to cover monthly salaries of employees up to EGP 25,000 per employee instead of EGP 15,000.
